Chapter 18.II, Problem 8RE

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

Calculate the assessed value and the property tax due on the following properties.

To determine

**To calculate:** The assessed value and property tax due, if the fair market value is $54,600, assessment rate is 30% and property tax rate is 45.5 mills.

Explanation

**Given Information:**

The fair market value is $54,600, assessment rate is 30% and property tax rate is 45.5 mills.

**Formula used:**

Assessed value is the value of property that is used for tax purposes, and is generally a percentage of fair market value.

Property tax can by computed by,

Steps to calculate property tax when the tax is expressed in mills,

Step 1. Multiply the tax rate in mills by 0.001 to calculate the tax rate in decimal form.

Step 2. Multiply the assessed value by tax rate in decimal form to calculate the property tax,

**Calculation:**

Consider the provided data,

The fair market value is $54,600, a

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